International Monetary Fund (IMF)

Rise Above Militarism: Africa’s Path To Progress

September 25, 2023 2:15 am

Since the watershed moment when numerous African nations began gaining independence from their colonial overlords in the mid-to-late 20th century, the political landscape of the continent has been in flux. A series of oscillations between democratically elected governments and military regimes has marked this era. Initially, when these military coups d’état occurred, they were presented to the populace and the world at large as necessary and even salutary interventions. The arguments put forth suggested that these military takeovers were indispensable in maintaining law and order, correcting the purported failings of civilian administrations, or addressing deep-rooted corruption that was crippling …

Ghana Appeals To IMF For Support Over Ailing Economy

July 2, 2022 5:15 am

Ghana on Friday revealed that it was seeking International Monetary Fund (IMF) support for its economy, which has been harmed by inflation, a pandemic slump, and the war in Ukraine in the last two years.

The President of the country, Nana Akufo-Addo had previously rejected calls to seek financial assistance from the IMF.

However, on Friday Information Minister Kojo Oppong Nkrumah claimed the president had ‘authorised Finance Minister Ken Ofori-Atta to commence formal engagements’ with the IMF.

Ghana has concluded plans to invite the Fund ‘to support an economic programme put together by the government of Ghana,’ he said in …

Worsening Insecurity In Nigeria A Cause For Concern – IMF

June 16, 2022 4:52 am

The International Monetary Fund (IMF) has expressed serious concerns over the worsening level of security conditions in Nigeria, maintaining that it was contributing to the subdued Gross Domestic Product (GDP) figures in the country.

The global financial body also listed other negative risks in the near-term to include the elections, low vaccination against Covid-19 and higher global interest rates.

The Washington-based institution made these claims in an end-of-mission statement on Wednesday at the end of its staff visit with Nigeria.

It disclsoed that an IMF team led by the Country Director, Ms. Jesmin Rahman, held meetings with Nigerian authorities from …

Subsidy On Fuel May Hit N6trn in 2022, IMF Warns Nigeria

Subsidy On Fuel May Hit ₦6trn in 2022, IMF Warns Nigeria

May 31, 2022 4:41 am

The International Monetary Fund (IMF) has warned that with Nigeria’s fuel subsidy payout averaging ₦500 billion monthly, total expenditure on subsidy could hit a record ₦6 trillion mark before the end of the year.

The multilateral lender also disclosed that a macro-fiscal stress test it conducted on the country showed that interest payments on debts in the country could amount to Nigeria using 100 per cent of its revenue to service debts by 2026 if not closely monitored.

IMF’s Resident Representative for Nigeria, Mr. Ari Aisen made this known while presenting the latest Sub-Saharan Africa Regional Economic Outlook, in Abuja …